Ping Identity's 2024 Consumer Survey revealed that a staggering 94% of surveyed Singapore consumers are concerned about artificial intelligence (AI) impacting their identity security due to issues surrounding its lack of transparency (53%) and increased security risks (53%).
The survey also revealed that 86% of Singapore consumers do not fully trust the organisations that manage their identity data.
"Digital experience is at the core of customer trust, and as expectations continue to evolve, brands must create a more secure and intuitive online environment. However, many Singaporeans are still dissatisfied with the digital experience and security provided by brands. Embracing technologies like decentralised identity (DCI) and AI can set companies apart, but it's essential to address consumer concerns and ensure these innovations are adopted gradually and thoughtfully," according to Jasie Fon, regional vice president of Asia at Ping Identity.
Top concerns
The survey also revealed that almost all (95%) believed that verification methods, including multi-factor authentication (MFA) and biometrics, add to the feeling of security and protection against fraud. The majority (87%) desire changes to how they log in to apps and websites.
Identity theft emerged as a top concern consumers face regarding having their personal information online, followed by financial loss and data breaches. Online shopping (72%), accessing or using online banking (69%), and using social media (68%) made consumers feel most vulnerable to identity theft.
The survey revealed higher demands around the digital experience. Ninety-five percent complained about keeping track of passwords, and more than half (57%) stopped using an online service because they became frustrated when logging in.
